Lecture1 - n Did the Industrial Revolution occur because of...

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http://ucdavis.econclasses.org/ECN111B glbrinkley@ucdavis.edu American Economic History – ECN111B Overview Lecture 1
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Why Study Economics? n Economics is a social science. n Social scientists study human behavior. n Social behaviors have remain unchanged for thousands of years. n Motivations remain essentially the same. n Greed/self-interest n Security/protection n Conformity/group identification n Envy/jealousy n Admiration/love/respect n Precedence of motivations vary by individual.
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Why Study History? n History consists of repeating events: n Wars n Recessions n Epidemics n Not understanding the past increases the likelihood of the same events re-occurring. n We can learn from mistakes. n Most important, we can learn from successes. n Economic motivations are the driving force of historical events.
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Why Study America? n America is a driving force in the world economy. n Industrial Revolution (1785-1850) and American Independence (1776) occurred in proximity. n Would the Industrial Revolution have occurred without American Independence?
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Unformatted text preview: n Did the Industrial Revolution occur because of American Independence? n America supports the world. n The US is 20.8% of the world economy. n Japan is 7.4% of the world economy. n 20% of all trade goes to US ($5.3 T World vs. $1 US) n What would the world economy be like without America? 0.5 1 1.5 2 2.5 3 1700-1785 1785-1820 1820-1890 1890-2000 Economic Growth Virtually no productivity growth. Beginning of Industrial Revolution Course Perspective n What happened? n Well look at historical events such as: n the Great Depression n the Civil War and Postbellum South n the impact of railroads n Why did it happen? n How have others explained the event? n What are the failures of previous explanations? n Well explore new theories or explanations of the event. n What are the implications? n Well look at how the events affected policy decisions. n How do these decisions affect us today? n Does this make sense?...
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Lecture1 - n Did the Industrial Revolution occur because of...

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